Rupee closes at new low of 61.30 against dollar

The rupee on Wednesday fell paise 53 paise to close at a new low of 61.30 against the US dollar, surpassing earlier record closing low of 61.10 on August 2 and nearing its all-time low of 61.80 hit on Tuesday, on renewed dollar demand from importers.

“The rupee may remain under pressure in the near-term, due to concerns of foreign capital outflows but, the recovery in the current account deficit may provide a slight respite,” said Aurobinda Prasad, research head, Karvy Stock Broking.

The rupee opened week at 61.15 to a dollar from its previous close of 60.77 and dropped further, before ending the day with a loss of 0.87%.

The rupee has fallen 2.5% since July 15, when the RBI announced measures to raise short-term interest rates and drain liquidity from the market in order to halt the currency’s decline.